Callon Petroleum Company engages in the exploration, development, acquisition, and production of oil and natural gas properties. The company’s asset base is concentrated exclusively in the Midland Basin, a sub-basin located within the broader Permian Basin, characterized by high drilling success rates, high oil content, multiple vertical and horizontal productive intervals, and extensive production history. The company operates two horizontal drilling rigs focused on four prospective zones for development. Oil and Natural Gas Properties Permian Basin: As of December 31, 2014, the company owned leaseholds in 27,366 net acres in the Permian Basin. Southern Midland Basin: As of December 31, 2014, the company owned interests in 10,790 net acres. Central Midland Basin: As of December 31, 2014, the company owned interests in 7,275 net acres. The Central Midland Basin has been the focus of its high-graded vertical drilling program, targeting multiple zones down to the Woodford shale. Northern Midland Basin: The company owned 9,301 net acres, as of December 31, 2014. Other Property The company owns leasehold in 37,326 net acres located in various counties in Nevada. These leases are with the Bureau of Land Management and carry primary terms that expire in 2018 and 2019. Reserves As of December 31, 2014, the company had estimated net proved reserves of 25.7 MMBbls (million barrels of oil) and 42.5 Bcf (billion cubic feet of natural gas) all of which were located in the Midland Basin. Business Strategy The company’s strategy includes the following elements: drive production and maximize resource recovery and reserve growth through horizontal development of the company’s resource base; expand its drilling portfolio through evaluation of existing acreage; pursue selective acquisitions in the Permian Basin; and maintain financial liquidity and capacity to capitalize on growth opportunities. Customers The company’s customers include Enterprise Crude Oil, LLC; Plains Marketing, L.P.; Sunoco; and others. Regulations The company is in material compliance with the requirements of each of the following laws: federal Clean Air Act; Greenhouse Gas (GHG) Regulation; Regulation of Hydraulic Fracturing; Surface Damage Statutes; National Environmental Policy Act and Endangered Species Act; and Mineral Leasing Act of 1920. History Callon Petroleum Company was founded in 1950. The company was incorporated under the laws of the state of Delaware in 1994.
callon petroleum co (CPE:New York)
Callon Headquarters Building
200 North Canal Street
Natchez, MS 39120
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